Metrics

APLD

Applied Digital

$12.2B

Market Cap

Power Capacity

1,400 MW contracted 100 MW live 3.1 GW pipeline

Contracted Revenue $36B

EV/Contract 0.42x

Term 15 years

Counterparties

CoreWeave Oracle IG Hyperscaler

Cash $2.1B

Debt $5.15B

Revenue $127M

Equity $1.58B

Q3 FY26 + Jun 8 Delta Forge 2 lease + Jun financings

GLXY

Galaxy Digital

$13.0B

Market Cap

Power Capacity

526 MW contracted 30 MW live 2.7 GW pipeline

Contracted Revenue $15B

EV/Contract 0.79x

Term 15 years

Counterparties

CoreWeave

Cash $2.6B

Debt $1.4B

Profit -$216M

Equity $2.78B

Q1 2026 (Mar 31, 2026); first Helios hall delivered Apr 2026

CIFR

Cipher Digital

$10.0B

Market Cap

Power Capacity

700 MW contracted 0 MW live 3.4 GW pipeline

Contracted Revenue $11.4B

EV/Contract 0.96x

Term 10-15 years

Counterparties

AWS Fluidstack IG Hyperscaler

Cash $4.25B

Debt $5.21B

Revenue $34.8M

Equity $0.7B

Q1 2026 (Mar 31, 2026). Cash incl. ~$3.5B restricted project debt; $715M unrestricted.

WULF

TeraWulf

$12.9B

Market Cap

Power Capacity

522 MW contracted 60 MW live 3.2 GW pipeline

Contracted Revenue $17B+

EV/Contract 0.89x

Term 10-25 years

Counterparties

Fluidstack Core42 Google

Cash $3.1B

Debt $5.3B

Revenue $34.0M

Equity -$79M

Q1 2026 (Mar 31, 2026) + May 26 Muskie. Cash incl. restricted; ~$300M unrestricted at Q1 (~$1.5B after April raise).

RIOT

Riot Platforms

$10.0B

Market Cap

Power Capacity

50 MW contracted 5 MW live 1.7 GW pipeline

Contracted Revenue $1.6B+

EV/Contract 6.6x

Term 10-25 years

Counterparties

AMD

Cash $283M

Debt $854M

Revenue $167M

Equity $2.6B

Q1 2026 (Mar 31, 2026)

IREN

IREN Limited

$21.4B

Market Cap

Power Capacity

480 MW contracted 160 MW live 5.0 GW pipeline

Contracted Revenue $13.1B

EV/Contract 1.72x

Term 5 years

Counterparties

Microsoft NVIDIA

Cash $2.6B

Debt $3.7B

Revenue $144.8M

Equity $2.5B

Q3 FY26 (Mar 31, 2026) + May 7 NVIDIA partnership

NBIS

Nebius Group

$59.0B

Market Cap

Power Capacity

3.5 GW contracted 170 MW live 1.4 GW pipeline

Contracted Revenue $44B

EV/Contract 1.23x

Term 5+ years

Counterparties

Microsoft Meta

Cash $9.3B

Debt $4.34B

Revenue $399M

Equity $7.2B

Q1 2026 (Mar 31, 2026) + Jun 8 UK expansion